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Label: pricing

Wednesday 23rd October 2013A Guide to Pricing Your Art Properly

As an aspiring artist hoping to start making some sales, one of the most important considerations is also one of the most difficult: how to price your art properly. Properly means a few things, of course, but primarily it's about striking a balance that fairly compensates you for your work while still appealing to both art collectors and public buyers. Don't be seduced by the idea of starting out selling works for five figures, as this can set you up for disappointment, but with skill and perseverance you will be able to work your way up there! We've prepared a few tips to help you decide how to price your work to meet the right balance for your background and skill set.

The first consideration when it comes to pricing is whether you're selling original works or prints. If you're working in a digital medium, this choice is essentially made for you, unless you want to sell only a single copy of a digital work - although this is a fairly uncommon practice. If you work in a physical medium, it's possible to sell both prints and the original itself, which can dramatically increase your income from a single piece. Prints are naturally priced much lower than originals, but this can fluctuate based on a number of factors. The cost of the original itself can increase the cost of prints, as can offering a 'limited run' of 250 or 500 prints.

For new artists, a good general pricing rule is to take into account the cost of your materials and combine it with a reasonable hourly wage for the amount of time you spent working on the piece itself. For example, if your materials cost $75, and you spent 25 hours on a piece at $20 per hour, the final price for the piece would be $575. It can be difficult to determine a fair hourly wage, but if you're hoping to use your art as a means to support yourself, ensure that you strike a fair balance between saleability and the ability to keep a roof over your head.

Another useful tip is to take a look at what other artists who have comparable amounts of skill and experience are charging for their work. While it can be very difficult to objectively assess comparable skill, taking a look around the web and through various local galleries can help give you a sense of the general price point for works that are similar in terms of size and style.

Keeping all these tips in mind, one of the most useful things you can do to increase your prices successfully is to gradually increase your selling price until your sales slow down, then lower your prices. If you want to get the most out of your work, you must constantly pay attention to your sales and keep a finger on the pulse of the art world in general.

Posted on October 23rd 2013 on 10:01pm
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Labels: pricing, sales, tips
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